Japan Retail Sector "Co-op sales rose 1% yoy to ¥3,105.4bn in FY25" Kazahaya

Research evidence excerpt

Japan Retail Sector "Co-op sales rose 1% yoy to ¥3,105.4bn in FY25" Kazahaya

Global Research

3 July 2026ab

Japan Retail Sector Equities

JapanCo-op sales rose 1% yoy to ¥3,105.4bn in FY25

Retail

Takahiro Kazahaya

Summary Analyst

Our focus is on industry consolidation in the food retail sector. This report summarises takahiro.kazahaya@ubs.com

FY25 trends (link, Japanese only) for co-ops, a major sales channel in the retail food +81-3-5208 6226

industry with 31.09mn members nationwide, and the implications for the sector. Kazuki Oike

Associate Analyst

Co-op sales in FY25 reach ¥3,105.4bn, but the recurring surplus margin is in the kazuki.oike@ubs.com

red +81-3-5208 6964

According to the Japanese Consumers’ Co-operative Union, estimated supply volume

(sales) in FY25 for the 117 major regional consumer co-operatives nationwide increased

1.0% yoy to ¥3,105.4bn. By business, home delivery business sales reached

¥2,125.3bn, up 0.2% yoy, while store business sales were ¥995.4bn, up 2.5% yoy. In

the home delivery business, spending per transaction rose 2.0% yoy, the number of

users declined 1.9% yoy, and the number of items used declined 3.5% yoy. According to

the Japanese Consumers’ Co-operative Union, difficulties in hiring and labour shortages

are continuing, and the challenges in securing personnel are putting constraints on

business operations. In the store business, the number of store visitors increased yoy,

and average spending per user also improved, rising 2.2% yoy. The recurring surplus

margin (recurring profit margin) declined 0.27pt yoy to 1.66%, and by business, the

home delivery business saw a 0.26pt yoy decline to 3.39%, while the store business saw

a 0.28pt yoy decline to -2.28%, confirming that store business operations are becoming

increasingly challenging.